AST SpaceMobile (NASDAQ:ASTS) Stock Price Expected to Rise, Scotiabank Analyst Says

AST SpaceMobile (NASDAQ:ASTS) had its price target hoisted by equities researchers at Scotiabank from $40.20 to $47.90 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 46.64% from the company’s current price.

Several other equities research analysts have also commented on the company. UBS Group boosted their price objective on AST SpaceMobile from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of AST SpaceMobile in a report on Tuesday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $41.58.

AST SpaceMobile Price Performance

Shares of NASDAQ ASTS traded up $4.06 during trading on Wednesday, hitting $32.67. The company had a trading volume of 11,242,170 shares, compared to its average volume of 12,194,281. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of -15.46 and a beta of 1.62. The stock has a fifty day simple moving average of $24.36 and a two-hundred day simple moving average of $25.47. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31. AST SpaceMobile has a fifty-two week low of $1.97 and a fifty-two week high of $39.08.

Institutional Trading of AST SpaceMobile

Several large investors have recently added to or reduced their stakes in ASTS. Amalgamated Bank grew its stake in shares of AST SpaceMobile by 17.4% in the 3rd quarter. Amalgamated Bank now owns 4,578 shares of the company’s stock valued at $120,000 after buying an additional 679 shares during the period. Xponance Inc. raised its position in AST SpaceMobile by 8.7% in the fourth quarter. Xponance Inc. now owns 9,676 shares of the company’s stock valued at $204,000 after purchasing an additional 772 shares during the period. Hollencrest Capital Management acquired a new position in shares of AST SpaceMobile in the 3rd quarter valued at $26,000. CIBC Private Wealth Group LLC increased its position in shares of AST SpaceMobile by 106.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,372 shares of the company’s stock worth $53,000 after purchasing an additional 1,222 shares during the last quarter. Finally, Americana Partners LLC raised its holdings in AST SpaceMobile by 5.2% in the 4th quarter. Americana Partners LLC now owns 27,047 shares of the company’s stock valued at $571,000 after buying an additional 1,326 shares during the period. 60.95% of the stock is currently owned by hedge funds and other institutional investors.

About AST SpaceMobile

AST SpaceMobile, Inc, together with its subsidiaries, develops and provides access to a space-based cellular broadband network for smartphones in the United States. Its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage. The company was founded in 2017 and is headquartered in Midland, Texas.